Fixed Assets, net

3 Months Ended

Mar. 31, 2015

On February 1, 2015, the Company acquired computer equipment pursuant to a capital lease. The minimum lease payments of $0.7 million through February 1, 2017, the end of the lease term, are as follows:



	Cash Payments (in thousands)
2015	$	230
2016	230
2017	230

The present value of these minimum lease payments was $0.7 million, with imputed interest of $0.01 million. The present value of the minimum lease payments, along with associated accumulated amortization of the capital lease of $0.04 million, were included within "Property and Equipment, net" on the consolidated balance sheet as of March 31, 2015. Ownership of the computer equipment transfers to the Company at the end of the lease term. Accordingly, the computer equipment under this capital lease is being amortized over three years, consistent with the Company's normal depreciation policy for owned computer assets.

Depreciation and amortization expense was $0.5 million during the three months ended March 31, 2015, which included $0.04 million of amortization of assets recorded under a capital lease. For the three months ended March 31, 2014, depreciation and amortization expense was $3.0 million, which included $2.1 million from the non-recurring accelerated amortization of leasehold improvements related to the consolidation of the Company's primary office space during February 2014.